Cyprus Property News

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Cyprus Property News

Chinese property sales in Paphos under the microscope.

For a stranger walking down Paphos streets or travelling in their car from either of two Cypriot airports it must seem that Cyprus has become a little China.

Billboards and advertising cover the highways in simplified Chinese. So what’s up? And are properties in Paphos due to be sold out to the Chinese, desperate to escape from smog covered Beijing?

At Cyprus Resales we recently launched our Chinese website, fully integrated with our award winning sites in English and Russian. For our estate agency it would provide some “icing on the cake” of the sales to our Russian and English speaking buyers. While certainly some developers have been busy in mainland China (one developer in particular has benefited most) the claimed amounts property sales to Chinese over the last few months do not stand up to serious scrutiny. The Chinese buyers’ propaganda machine is in full flow, powered by developers keen to whip Chinese buyers up into a bit of a frenzy.

A recent article published by the Guardian.co.uk shows that even experienced names in news can be responsible for bad journalism. According to the unsubstantiated claim presented to the trusting public “…between last August and October more than 600 properties were sold to Chinese buyers, 90% of which were in Pafos.” At the same time contracts registered at the Land Registry in Cyprus show that only 83 foreign buyers (non Cypriots) purchased a property in Cyprus over the period of August to October 2012. Nailing down how many Chinese buyers is difficult as numbers for individual countries are not available. Raw data does however show that only 83 foreign buyers including Russian, British and no doubts Chinese bought in Paphos over the period of 3 months. So, how can one's math go so badly wrong?

But it's not only the official statistics that shows a different picture to the rosy world of the Paphos developer. Simple evidence for anyone on the street is that the mystery Chinese are nowhere to be seen in Paphos! Like the Russian and the British before them Chinese buyers of property in Cyprus may have a harsh lesson to learn when it comes to purchasing a property from a Cypriot developer. Unfulfilled promises are: property ownership, fair prices, visa-free EU travel and many more.

The beautiful island of Cyprus has, no doubt, much to offer to many foreigners, but not by a Cypriot developer. Resale market provides good quality property at a true market value with absolute ownership. When purchasing a resale home in Cyprus you can enjoy the great climate and cuisine with the peace of mind.